Borrow without German passport

Often a loan for foreigners in Germany is not harder to get than for Germans. Nevertheless, there are certain requirements for lending that must be met. The applicant’s nationality also plays a role.

EU citizens have good prospects for a loan

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Lending is especially easy for foreigners who are EU citizens. They have to be treated as citizens by the banks, and therefore they have the same rules: they must be fully capable of acting and have a good credit rating in order to obtain the loan . Among other things, the credit rating is proven by proof of employment and thus a regular income. The positive Schufa information is also an important factor, although the credit bureau often does not yet have the necessary data for foreigners who have just come to Germany.

Under certain conditions work permit necessary

Even if the applicant is not an EU citizen, the bank can not penalize him for lending because of his citizenship. Foreigners who are not from an EU state, however, have a little more difficulty: they usually have to submit a residence permit and a work permit to provide the bank with greater security. This is not necessary for EU citizens, as they are free to move around the EU and work in the member states anyway.

For other foreigners, the bank wants to ensure, however, that the loan can still be repaid during their stay in Germany. As a rule, the repayment term will depend on the duration of the work permit. If borrowing from a German bank fails, foreigners may be able to try branches of foreign banks in Germany. But there, too, certain loan collateral is required.

Lending to foreigners: required documents

Just like Germans, foreigners must identify themselves when applying for a loan, for example through a passport. To assess the credit rating, an employment contract or salary statements are required. Depending on your citizenship you may also be required to have a residence and work permit. For foreigners who want to stay in Germany for a longer period and have a good credit rating, it should not be difficult to get a loan.


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